Impact Of The National Debt Exchange
IMPACT OF THE NATIONAL DEBT EXCHANGE
Speech by Earl Jarrett, General Manager
Jamaica National Building Society
JNBS Members’ Meeting
Knutsford Court Hotel
Tuesday, March 12, 2013
Good afternoon and thank you for meeting with us to take a detailed look at the National Debt Exchange (NDX), as part of the overall fiscal programme being pursued by the Government to meet the requirements of the International Monetary Fund (IMF).
The aim of this meeting, and the others planned for Ocho Rios, Montego Bay and Kingston, is to understand the effect that the NDX will have on the financial landscape in Jamaica…the fiscal management of the country’s affairs; and, on financial institutions, such as Jamaica National Building Society, as well as on you and your families.
Fifty years ago in 1962 when we gained independence, there were high hopes and expectations for the economic growth and development of this young nation. There was the anticipation that, as a country, we had arrive at a stage where we could chart a new course…produce and export more of what we grow; and expand the industrial sector, not only for import substitution, but to increase our exports.
Since independence and over almost two generations, we have seen the fortunes of many Jamaicans dwindle and the data is there to show.